Friday, July 24, 2009

Earth to Bloomberg

This Bloomberg story really amused me: "Wall Street Banks Reached Deal to Save Lehman, Wessel Book Says":

Leaders of Wall Street’s biggest commercial and investment banks crafted a plan to bail out Lehman Brothers Holdings Inc. the weekend before it went bankrupt, only to see the deal die when U.K. regulators blocked a sale to Barclays Plc, according to a book on the Federal Reserve’s role in the financial crisis.
Umm, this isn't new information. It's common knowledge that the FSA blocked a deal to save Lehman. (When I arrived in NYC on that Monday, the first thing one senior partner in the firm said to me was, "So, do you think the FSA is the stupidest financial regulator in history, or just the stupidest financial regulator in the world right now?") I know I wrote a post about the FSA's bonecrushingly stupid decision when an ECB official tried to engage in a little revisionist history. In the comments to that post, Don linked to a November 10 story talking about the FSA decision from Bloomberg. Some quick searching reveals that not only has the FSA-blocked Wall Street rescue of Lehman been widely reported, but it's been reported by Bloomberg several times! The question is, did this Bloomberg reporter, Michael McKee, not know that the FSA blocked a private-sector rescue? And if so, is he really the right person to be reviewing Wessel's book?


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